Donald Trump Urges US to Become the 'Bitcoin Mining Capital of the World'

US presidential candidate and former US president Donald Trump is using crypto as a focal point of his current campaign – a twist from his previous term in which he called Bitcoin a scam.

Former US President Donald Trump, who is now a US presidential candidate, met with executives from the country's top Bitcoin mining companies at his Mar-a-Lago residence in Palm Beach, Florida, on June 11.

During the meeting, Trump discussed his plans to make the US the most robust Bitcoin mining jurisdiction and expressed his desire to have "all the remaining Bitcoin to be MADE IN THE USA." He also highlighted how this move would contribute to the country's energy dominance.

Trump's endorsement and statements regarding the US Bitcoin mining industry had a positive impact on the stock prices of mining firms on June 12. Among the companies that registered the largest gains were TeraWulf (WULF) and Hut 8 Mining (HUT), which recorded gains of 10.5% and 10.07%, respectively.

Other notable gains were recorded by Core Scientific (CORZ) at 9.87%, Iris Energy (IREN) at 9.72%, and Cipher Mining (CIFR) at 8.94%. Interestingly, the largest mining firm by market cap, Marathon Digital, recorded gains of only 2.4%, which were lower compared to its counterparts.

The Bitcoin mining industry boasts a market cap of over $27 billion, presenting a significant opportunity for growth. As Bitcoin continues to gain wider adoption each year, Trump's meeting with mining executives could pave the way for further advancements in the industry.

During the meeting, Trump also expressed his belief that Bitcoin mining would strengthen the US electrical grid and create more jobs. He emphasized the importance of having the country's miners be the "greenest, cleanest Bitcoin miners in the world."

Trump's pro-Bitcoin and crypto stance is gaining support from various groups, including Silicon Valley venture capitalists, startup evangelists, and retail users.

Bitcoin's popularity in the US is also on the rise, with one in four Americans reportedly holding some amount of it. Trump's alignment with the crypto industry's development could facilitate the flourishing of businesses and pique the interest of institutional and retail investors in this asset class.

News source：https://www.kdj.com/cryptocurrencies-news/articles/donald-trump-urges-bitcoin-mining-capital.html

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